MYOB reports 6 months of 'financial highlights'

MYOB Group says it’s had six months’ worth of operational and financial highlights, following the release of its half year results.

Headlined by double-digit growth in revenue and earnings, MYOB’s first half of 2016 reported pro forma1 revenue of $178 million - up 11% on the same period last year.

The company says that its pro forma earnings before interest, tax depreciation and amortisation (EBITDA) was $82 million, up 14% year on year.

The MYOB Board has declared a dividend for the half of 5.5 cents per share, which is an increase on the previous dividend and reflects the company’s strong cash flow and financial performance.

Justin Milne, chairman, says the board has increased the interim dividend to 5.5 cents per share.

“Reflecting our confidence in the business trajectory and the strength of our balance sheet to fund future growth opportunities.”

Tim Reed, CEO of MYOB, adds that the strong financial and operational results have been driven by the ongoing execution of their Connected Practice strategy.

“Which, delivered through the MYOB platform, reimagines the way SMEs and Accountants work, driving improved productivity and insight,” he says.

Richard Moore, CFO of the company says strong cash flow has optimised the company’s innovation.

“During the half our financial performance, including strong cash flow generation, has allowed us to continue to increase our investment in technology, innovation and sales & marketing,” he says.

“These investments benefit our clients, enhance their MYOB experience and ultimately should allow us to delivered continued growth for our shareholders.”

Moving forward, the company hopes revenue growth will be in line with historical trends and that EBITDA margins will remain around 45%- 50%. MYOB will also continue its search for acquisitions which align to the company’s core business.